LD 1200: Maine Requires Female Representation on Corporate Boards
Summary
LD 1200 was enacted in June 2021 and requires publicly held corporations in Maine subject to the act to "include indications whether a domestic corporation is publicly held and how many female directors are on the board of directors." It further requires that publicly held domestic corporations have a minimum of one female director no later than June 1, 2023, and that they comply with additional requirements no later than June 1, 2024 (a board of six or more directors must have a minimum of three female directors; a board with five directors must have a minimum of two female directors; and a board with four or fewer directors must have a minimum of one female director).
The law also requires the Maine Secretary of State to publish public reports on the companies subject to the law and their compliance and permits the Secretary to fine companies not in compliance up to $100,00 for first violations and $300,000 for subsequent violations.
Impacted Sectors
Additional Information
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